Assuming a horizontal aggregate supply curve, output will change when
a. monetary or fiscal policy changes.
b. monetary policy changes.
c. fiscal policy changes.
d. capital, labor, or technology changes.
e. all of the above
E
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The cross-price demand curve for Cobb-Douglas tastes is perfectly vertical.
Answer the following statement true (T) or false (F)
A disadvantage of the barter system is that
A) no trade occurs. B) people must produce all their own food, clothing, and shelter. C) the opportunity to specialize is greatly reduced. D) gold is the only unit of account.
What are the three key features of the financial system that result from the existence of transactions and information costs?
What will be an ideal response?
Which of the following is correct?
a. Efficiency deals with the size of the economic pie, and equality deals with how fairly the pie is sliced. b. Equality can be judged on positive grounds whereas efficiency requires normative judgments. c. Efficiency is more difficult to evaluate than equality. d. Equality and efficiency are both maximized in a society when total surplus is maximized.